Technical Analysis: Techs Stay Stuck

The Nasdaq (first chart below) remains very much range-bound between 2050 and today’s high of 2093; we’ll see if tomorrow’s GDP report will be the catalyst for the index to break out of its trading range. The S&P (second chart) has support at 1260 for tomorrow, and resistance is 1266 and 1277-1281. The Dow (third chart) faces resistance at 11,200 and 11,260-11,290, and support is 11,090, 11,030-11,050, 11,000 and 10,960. Long bond yields (fourth chart) continue to hold above the 5% level; definitely one to watch when tomorrow’s GDP report hits.

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